FreeStar Technology Corp. an international card payments processor and
technology company, has announced that revenues increased by 128% for
the quarter ending March 31, 2007 compared to the same time last year.
The Company had revenue of $1,125,634 for the three months ended March
31, 2007 compared to $494,296 for the three months ended March 31, 2006,
an increase of $631,338 or approximately 128%.
A combination of increases in transaction processing and hardware sales,
together with consulting revenue derived from the Company’s 50%
ownership of Project Life Cycle Partners Limited, were factors behind
the increased revenue growth.
The company’s revenue for the 9-month period ending March 31st 2007
showed a 43% increase over the same period ending March 31st 2006. The
Company had revenue of $2,399,396 for the nine months ended March 31,
2007 compared to $1,674,990 for the nine months ended March 31, 2006, an
increase of $724,406. The revenue for the 9-month period ended March
31st 2007 exceeds the $2,097,749 which was recorded for the entire 2006
fiscal year.
FreeStar President and CEO Paul Egan made the following comments on the
quarter. “The Company recorded a net loss for the three months ending
March 31, 2007 of $2,619,044, an increase of $402,348 or approximately
18% compared to a net loss of $2,216,696 for the three months ending
March 31, 2006.” Commenting on the numbers Mr. Egan added, “The Company
has developed and deployed applications on Hypercom and Thyron terminals
for specific clients in this quarter and are releasing the terminals
into the Finnish market. We have hired industry experts to develop new
markets in Sweden and the Dominican Republic, and have expanded our roll
out of product with global refunds to three new countries including
Iceland, Denmark, and Norway. We have also increased volume of terminal
sales and transactions from the Spanish market. FreeStar has also
completed two important certifications on our processing platform for
China Union Pay (CUP) and Monex Financial. We expect revenue to flow
from these projects in the coming quarters. In the Dominican Republic,
we are currently certifying Hypercom and Thyron Terminals for the two
card organizations, which are Visa Net and Card Net, and we expect to be
a part of the upgrade to the latest industry standards. The payment
industry expects credit card processors and acquirers to comply with EMV
and PCI standards by January 2008. FreeStar has invested heavily to
ensure a leading position which is evident from our present contracts
with blue chip clients in the Finnish Market and internationally. This
has also allowed us to outsource our processing capacity to banks and
merchants across the European community and around the world.”
Egan further commented, “FreeStar’s significant increase in revenue for
the third quarter is a direct result of the increased pace at which the
company has been able to acquire customers and expand our global
presence. We expect and believe that this trend will continue throughout
the remainder of 2007. The company will continue to strive to achieve
our strategic goals by delivering new innovative world class products
and services for our growing customer base.”
Commenting on the results of the quarter, FreeStar’s Chief Financial
Officer Ciaran Egan said, “As a result of the significant and strategic
investments we have made over the past several years, we continue to
believe strongly in the long-term potential of the company’s business
plan and revenue model. The Company has begun executing an aggressive
strategy designed to assure that we will increase the market position we
have built. Our commitment to invest in our technical infrastructure has
enabled us to further extend our reach within the global processing
community. It’s a strategic and consistent trend we intend on continuing.”
About FreeStar Technology Corporation
FreeStar Technology Corp. provides mission-critical solutions to the
financial industry worldwide. Working with merchants and acquirers in
more than twenty countries, its product suite has empowered partners to
focus on their core competencies, while its innovative driven approach
has enabled them to benefit from first to market advantage and realize
their true potential. FreeStar Technology has adopted a partnership
strategy for growth. Its partners are market leaders in their respective
industries. These include IKEA, Finnair and Stockmann. Its subsidiaries,
Rahaxi Processing Oy, Finland, FreeStar Technologies Ireland, Ltd., and
FreeStar Dominicana S.A. Dominican Republic, continue to develop and
implement first class products and solutions that enhance the service
level its partners can offer their customers.
